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Senate passes bill giving buyers 7 days to rescind contracts when seller fails to disclose Public Improvement District status
Summary
House Bill 24 68 was approved on final passage; it gives purchasers the right to terminate a purchase contract within seven days after receiving required notice that a property lies within a Public Improvement District (PID), provided the PID service plan was properly filed before contract execution.
Senator Parker, State Senator, brought House Bill 24 68 to the floor to strengthen consumer protections in real estate transactions involving Public Improvement Districts (PIDs).
Parker said current law requires sellers to disclose that a property is located in a PID but provides no clear recourse for buyers who do not receive that notice before entering a contract. Under HB 24 68, if a contract for purchase and sale is executed without required PID notice, the purchaser is "entitled to terminate the contract within 7 days after receiving the required PID notice," the sponsor said.
The right to terminate applies only when the municipality or county properly filed the PID service plan with the county clerk before the contract was executed, a provision Parker said reinforces local government accountability. Parker also said the bill applies prospectively and affects only property sales where the contract is executed on or after the bill's effective date.
The Senate suspended the regular order to consider the bill and later suspended the three‑day rule; the final roll call on passage was 31 ayes and no nays and the bill was finally passed.
Supporters described the bill as increasing transparency and preventing unexpected financial burdens on homebuyers; the floor sequence adopted the bill without recorded floor amendments.
